Bitcoin and LINKCHAIN Correlation

Does LINKCHAIN depend on Bitcoin? Based on the correlation analysis, BTC and LNKC have a strong positive relationship. The correlation coefficient of their prices is 0.56, which was computed based on the previous 100-days' price movements of both assets.

This coefficient may adjust from -1 to 1, where -1 is the strongest negative correlation, 0 is no correlation at all and 1 is the strongest positive correlation.

The negative coefficient shows that the prices of the assets are going in the opposite trend while the positive coefficient points that the prices are going in the same trend. For example, if Bitcoin and LINKCHAIN connection is positively strong, it means that when BTC is rising LNKC will grow as well. The negative strong relation will indicate that when BTC is growing LNKC price will be in contrary lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over LINKCHAIN. If we take all the factors affecting the price of LNKC as 100%, then the share of BTC price among these factors will be 31.36%. The other part which is 68.64% covers all the other factors, such as media, events or politics.